John Sarbanes: “let me just very quickly focus on the credit unions only. This debate has tended to overlap both areas. It is done by…”

“let me just very quickly focus on the credit unions only. This debate has tended to overlap both areas. It is done by the proponents of the amendment and, of course, we have responded too, because, in part, your attitude is going to be affected by how you see CRA functioning and whether you perceive it as bringing beneficial impacts or whether you perceive it as being harmful or not. I submit there is strong evidence that it has brought significant beneficial impacts, and many of the studies have supported that. What is being applied to the credit unions in this legislation is not the full CRA provision. But this does require the credit union regulator, the National Credit Union Administration, to review the record of each insured credit union in providing credit union services to all individuals of modest means within the field of membership of the credit union. It would not require them to go outside of the field of membership. They could not be required to give a loan to someone who was not a member of the credit union because that is a requirement of credit unions in terms of their loan policy. But they would have to try to draw in, make an effort to draw in people who were within the field of membership. They would have to concern themselves with trying to bring both low- and moderate-income as well as the sort of very top of the line within their field of membership.”